Articles by Melissa Akin

Sberbank Will Help RusAl Pay Debt

  • 30 September 09
  • Reuters
The loan will allow Oleg Deripaska's company, which currently holds about $16 billion in debt, to cover its controversial decision last week to repay Alfa Bank ahead of other creditors.

Sberbank Posts $173M Gain

  • 11 September 09
  • Reuters
Sberbank said in a statement that provisions totaled 388.1 billion rubles, or 7.1 percent of its loan portfolio, as of June 30.

LUKoil’s Q2 Profit Beats Expectations

  • 31 August 09
  • Reuters
LUKoil said its net profit for the period fell 44 percent to $2.32 billion due to plummeting oil prices, though a poll of 10 analysts gave an average forecast of $1.8 billion.

LUKoil to Buy Stake in Dutch Refinery

  • 22 June 09
  • Reuters
LUKoil will buy a stake in a Dutch refinery from France's Total, gaining a foothold in northwest Europe and blocking a bid by the largest U.S refiner, Valero, to enter the region.

Investors See Promise in Distressed Real Estate

  • 11 February 09
  • Reuters
As Russia's property firms struggle to meet debt repayments, veteran Russian investors are sizing up their portfolios and getting ready to commit scarce cash to new distressed real estate funds.

Corporate Debt Crisis May Have Passed

  • 27 January 09
  • Reuters
Russian companies are facing repayments of over $100 billion this year on foreign debt borrowed to fund heady growth plans in the days of the global oil boom, but the biggest test of solvency may be behind them.

Markets Plunge on Ruble Fears

  • 12 November 08
  • Reuters
The country's main stock exchange slammed shut the trading floor doors to halt plunging prices Tuesday, with Russian assets under pressure as the Central Bank ceded ground on the ruble and oil prices fell.

Freight Shipments May Fall 12% in November

  • 31 October 08
  • Reuters
Freight shipments will decline 10 percent to 12 percent in November because of the financial crisis as metals firms slash exports by up to 60 percent, the head of major freight operator Globaltrans said.

Carlyle Sues NLMK Over $3.4Bln Deal

  • 20 October 08
  • Reuters
The Carlyle Group is suing steelmaker NLMK to force it to complete a $3.5 billion deal to buy U.S. tubular steel maker John Maneely, one of Russia's biggest merger deals this year.

Hermitage Lawyer Says Office Raided

  • 25 August 08
  • Reuters
A lawyer representing Hermitage Capital Management, once the largest foreign investor in the country, said his office was raided last week in what he said was an attempt to link him to tax fraud.

Online Advertising Makes Big Gains

  • 07 August 08
  • Reuters
Internet advertising in Russia grew 73 percent to $260 million in the first half of the year and may top $600 million this year, according to the MindShare Interaction research agency.

Oil Boss: Rethink Plans for Refineries

  • 17 February 06
  • Reuters
Russia should focus on crude oil exports rather than build giant new export refineries that could swamp the world market with unwanted product and end up making losses, said a top oil executive.

Transneft Rules Out Pipeline From Surgut

  • 16 February 05
  • Reuters
Transneft has ruled out a pipeline project from Siberia to the Barents Sea but could build a shorter and less costly link from northern Russia, the company's head said Tuesday.

Zhukov Orders Seizure of UES Dam in Khakasia

  • 29 April 04
  • Reuters
The government has ordered the seizure of a massive Siberian hydro dam from the state-controlled power monopoly Unified Energy System, a move UES decried as the start of de-privatization.

Vimpelcom Net Soars 81% to $234M

  • 26 March 04
  • Reuters
No. 2 cellular operator Vimpelcom announced a sharp rise in fourth-quarter earnings Thursday, rounding off a bumper year in which it more than doubled its subscriber base.

Threats Over Yukos Tax, Licenses Recede

  • 21 November 03
  • Reuters
Embattled oil major Yukos won a reprieve on Thursday as officials quashed rumors of a tax probe and oil license seizures.

Majors Say Go Ahead, Monitor Our Licenses

  • 23 October 03
  • Reuters
Western oil firms named in Russian plans for fresh state scrutiny of drilling licenses said on Wednesday they would cooperate, but that the move should not lead to forced license changes.

Europe Presses Russia on Euro

  • 20 October 03
  • Reuters
The European Union has held informal talks with Russia on its long-sought aim to have Russian oil exports priced in euros.

Market Rebounds Despite Yukos Row

  • 28 July 03
  • Reuters
Shares ended the week 5 percent up with a boost on Friday from a huge dividend announcement by Sibneft, making up earlier market losses from a spat around oil giant Yukos.

Alfa Won't Part With Vimpelcom

  • 20 June 03
  • Reuters
Alfa Group is not keen to sell its stake in Vimpelcom to Telenor, its Norwegian partner in the country's No. 2 mobile network, its head said in an interview on Thursday.

Vimpelcom Turns a Profit in Regions

  • 30 May 03
  • Reuters
The nation's No. 2 mobile phone network Vimpelcom on Thursday showed a surprise net profit in its fledgling operations outside Moscow and beat core earnings consensus with a 28 percent gain in the first quarter.

Sistema Buys Controlling Stake in MTS

  • 18 April 03
  • Reuters
Deutsche Telekom said Thursday that it had sold another 10 percent stake in Russia's biggest mobile operator, Mobile TeleSystems, to raise money to pay down its debt.

5% MTS Stake Sold for About $200M

  • 16 April 03
  • Reuters
Deutsche Telekom said it sold a 5 percent stake in Russia's largest mobile operator Mobile TeleSystems on Tuesday to raise money toward paying down debt.

Deutsche Offers 10% of MTS to Sistema

  • 13 March 03
  • Reuters
Deutsche Telekom said Wednesday it would place a 5 percent stake in Russia's MobileTeleSystems and give co-owner Sistema an option to take control of the country's top cell-phone group.

Investor Moves to Flush Out UES Buyer

  • 06 February 03
  • Reuters
A Russian investor on the board of utility Unified Energy Systems pledged on Wednesday to expose a ""mystery buyer"" accumulating UES shares.

MTS Sees Regions as Key to Growth

  • 20 January 03
  • Reuters
The president of Mobile TeleSystems said Friday he was counting on new users in little-tapped provinces to keep the country's largest mobile network growing fast and it would continue to acquire regional rivals.

Chubais: Mystery Buyer Blocking Bills

  • 19 December 02
  • Reuters
An influential mystery buyer, keen to snap up shares in national power utility Unified Energy Systems at knock-down prices, has engineered delays to critical power reform bills, UES CEO Anatoly Chubais said Wednesday.

Acquisition of Sovintel Boosts Golden's Profits

  • 05 November 02
  • Reuters
Fixed-line carrier Golden Telecom said Monday that a key acquisition pumped up third-quarter profits and would fuel explosive revenue growth in 2003.

Telecoms Investment Cap Called 'Bad Idea'

  • 30 October 02
  • Reuters
The government risks choking off investment in the telecommunications industry if it goes ahead with a plan to curb foreign firms from buying stakes in domestic phone companies.

MTS Q2 Profits Soar 50% to $67M

  • 29 August 02
  • Reuters
No. 1 cellular operator Mobile TeleSystems posted a 52 percent profit jump in the second quarter to $66.8 million on high summer use and new acquisitions.